BankAmerica Mortgage and Northern Circle Indian Housing Authority have started a no-down-payment mortgage program for low- income Native American tribe members in Sonoma County, Calif.
Processing Content
The program is offered to members of the Dry Creek and Stewarts Point tribes who want to buy homes in off-reservation sites.
BankAmerica Mortgage and the alternative finance program of the housing authority will originate affordable, 30-year, fixed-rate mortgages, BankAmerica said. The initiative is part of Bank of America's community reinvestment commitment to do $115 billion of affordable housing lending in the next 10 years.
Potential customers will get financial counseling and must have a stable income below 80% of the median income for the county, the bank said.